Malawi’s richest man Hitesh Anadkat loses $171 million from FMB Capital stake
Malawi’s richest man Hitesh Anadkat sees a $171 million drop in his FMB Capital stake as the bank’s shares retreat on the Malawi Stock Exchange.
East Africa
Kenyan businessman Rasik Kantaria almost $900 million richer in 2025
Kenyan businessman Rasik Kantaria adds nearly $900 million to his fortune as FMB Capital shares soar over 500 percent in 2025.
Kenyan tycoon TK Muya’s Family Bank raises $61 million in oversubscribed share offer
Kenyan tycoon TK Muya’s Family Bank raised $61.8 million in an oversubscribed share offer, boosting capital to expand lending and support regional growth ambitions.
Ugandan businessman Ketan Morjaria's Credit Bank under fire after $8.7 million property auction
Kenya’s Credit Bank faces scrutiny after judges froze an $8.7 million land transfer, raising questions over how the lender handled its own property auction.
Kenyan banker James Mwangi gains $7.9 million from Equity Group stake
James Mwangi’s Equity Group stake gains $7.9 million as the Kenyan lender’s shares rally, lifting his holdings and confidence.
Kenyan tycoon Ronald Karauri’s SportPesa backs local boxing again
SportPesa, led by Ronald Karauri, renews support for Kenyan boxing, backing local fighters and grassroots programs after six years away.
Rasik Kantaria becomes Kenya’s first billionaire
Rasik Kantaria hits $1 billion as FMB Capital Holdings soars, marking a historic milestone in East Africa.
Malagasy tycoon Hassanein Hiridjee’s AXIAN joins Mastercard to boost Africa payments
AXIAN and Mastercard team up to deliver safer digital payments and boost financial inclusion in Africa.
Kenya turns to China for $1.5 billion after Nigerian businessman Tony Elumelu’s $1 billion pledge
Kenya moves ahead with a $1.5 billion highway deal after Tony Elumelu’s $1 billion pledge to support new infrastructure projects.
Madagascar tycoon Mamy Ravatomanga detained in Mauritius over financial fraud
As Mamy Ravatomanga wakes up behind bars in Mauritius, a looming court hearing could shift his fight from VIP custody to tougher ground.
Centum, backed by Kenya’s Kirubi family, posts $2.5 million half-year loss
Centum reported a $2.52 million loss for the half-year ended Sept. 30, 2025, as weaker sales and uneven economic conditions weighed on performance.
Late Kenyan poultry tycoon Nelson Muguku’s family in court fight over grandchildren’s upkeep
Years after chicken mogul Nelson Muguku died, his ex-daughter-in-law is in court demanding the family trust fully support two grandchildren.
Kenyan tycoon Paul Wanderi Ndung'u loses big as London court clears SportPesa, slaps him with $2.9 million bill
London’s High Court tossed out Paul Wanderi Ndungu’s fraud case over SportPesa shares and slapped him with a Sh375 million costs bill.
Inside Hassanein Hiridjee’s $1.8 billion bid to turn Axian into an African telecom giant
From Tanzania’s mobile networks to Kenyan fibre and a new digibank push, Axian is Hiridjee’s vehicle for a continent-wide telecom land grab.
Tanzanian tycoon Edha Nahdi acquires stake in East African Portland Cement for $12 million
Tanzanian tycoon Edha Nahdi’s Kalahari Cement moves to buy NSSF’s Sh1.6 billion stake in East African Portland, tightening its grip on Kenya’s cement market.
Safaricom, led by Peter Ndegwa, launches $115.6 million tax-free green bond
Safaricom launches a $115.6 million tax-free green bond to support environmental projects and deepen its sustainability drive.